India: WestBridge exits gaming firm Nazara, sells $68m stake to Plutus

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WestBridge Ventures II Investment Holdings, a fund managed by WestBridge Capital, has completed its exit from Nazara Technologies Ltd by selling shares worth over ₹500 crore to Plutus Wealth Management Llp and its associates.

WestBridge Ventures was one of the early investors in Nazara and is estimated to have invested a cumulative amount of ₹22.6 crore in the gaming company and obtained sales consideration of approximately ₹1,000 crore from its investment, according to Nazara.

“WestBridge Capital backed Nitish (Nitish Mittersain, founder and managing director, Nazara Technologies) at a very early stage back in 2005. Since then the company has created great shareholder value and created a market leader. We wish Nitish, Manish and entire Nazara group all the very best in their future endeavours,” Sandeep Singhal, co-founder, WestBridge Capital, said in a statement.

Nazara is an Indian gaming and sports media company which owns popular mobile gaming titles WCC (World Cricket Championship) and Carrom Clash; along with Kiddopia, a gamified early learning platform; NODWIN Gaming, an eSports company; Sportskeeda, an eSports media firm; Halaplay (fantasy sports platform) and Qunami (trivia games platform).

Nazara’s other key investers include IIFL Special Opportunities Fund and Rakesh Jhunjhunwala who as its shareholders had invested 327 crore in November 2017 and 182 crore in December 2017, respectively.

On its part, Nazara has made investments in the Indian gaming ecosystem in the amount of over 300 crore in the last 5 years.

Commenting on the new partnership with Plutus Wealth Management Llp, Mittersain said in a statement, “We are excited to onboard Plutus as a long-term investor in Nazara. Creating value for all our stakeholders, including our investors, has always been very important for us and I am glad that we have been able to deliver a great return to WestBridge who backed us early on in 2005.”

“We believe gaming will be a prominent form of entertainment and will do well in the next decade. We believe that Nazara is well-placed to leverage on the vast available opportunity. We are excited to begin our long-term journey with their goal and vision,” Arpit Khandelwal, managing partner, Plutus Wealth, added.
This article was first published on livemint.com

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.